LOOKING TO SELL ONCE AGAIN; WE HAVE RAISED OUR ENTRY FROM YESTERDAY
Aud/Cad: We have been trying to sell the cross with no luck as of yet but will again look to sell on Tuesday with the market continuing to surge to fresh 2009 highs by 0.9400 thus far. Daily studies reside well in overbought territory and a much needed and healthy corrective pullback is anticipated over the coming hours, back towards the 10-Day SMA at a minimum, which currently comes in some 200 points below at 0.9200. Look for any rallies above 0.9400 today to be very well offered, with a break back below 0.9315 to accelerate declines and confirm short-term topping structure. Strategy: SELL @0.9420 FOR AN OPEN OBJECTIVE, STOP @0.9570. Recommendation to be removed if not triggered by NY close (5pm ET) on Tuesday.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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